By Kate Yuan

(JW Insights) Oct 31 -- China’s auto design company IAT (阿尔特) received an RMB5.4 billion ($736 million) order from Yamato Industry for electric vehicle parts and components, the company announced on October 27.

Yamato, a Japanese supplier of synthetic resin auto parts and components, will purchase 14,000 sets of electric system kits for Isuzu-branded vehicles priced at RMB155,000 ($21,1950) per set and 21,000 sets of electric system kits for the Mitsubishi Canter, a light-duty commercial vehicle, priced at RMB153,000 per set from next year to 2026, Yicai Global reported.

IAT did not disclosed any further details about the order. But on August 31, the company announced it had joined hands with Yamato to convert fuel-powered trucks to electric ones in Japan and on the provision of relevant parts and components.

According to the letter of intent signed then, IAT would select, design, and develop parts needed for vehicle modifications and provide technical support, while Yamato would select Japanese logistics companies as target customers to offer them conversion services for fuel-powered commercial vehicles.

Under the deal, Yamato aims to convert 5,000 vehicles in the first year and 10,000 in the second year, before gradually increasing that to 20,000 a year, according to the Yicai Global report.

Founded in 2007, Beijing-based IAT focuses on the development of vehicle and core components. It was listed on the Shenzhen Stock Exchange in 2020 and has five R&D centers in the US, Japan, Italy, Beijing and Shanghai. Volkswagen, Mercedes-Benz, Honda, and Nissan are among its clients.